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INSURANCE Experts

Life Insurance

What is life insurance?

Life insurance is an insurance policy that provides a lump-sum benefit payment (also known as a death benefit) to a chosen beneficiary, or beneficiaries, in the event of the insured’s death. This helps the beneficiaries (usually a spouse and/or children) pay for expenses that would normally be covered by the insured, and also assists beneficiaries to cover basic postmortem expenses.

Types of Life Insurance

Term Life Insurance

Term life insurance is a life insurance policy that provides beneficiaries with financial support for a fixed period of time after the death of the insured. This kind of life insurance policy usually provides support during the working years of the insured, allowing them to continue to meet previously arranged financial goals. These can include paying off a mortgage or student loan debt. This type of life insurance coverage is usually the least expensive.

Whole Life Insurance

Whole life insurance is as simple as it sounds—it’s a life insurance policy that provides financial protections for the whole lives of beneficiaries in the event of the insured’s death. This type of insurance plan has fixed payments, and is a permanent life insurance investment. A whole life insurance plan is a great way to plan ahead for a transfer and protection of wealth in the event of the insured’s death, and also can be subject to tax-deferred wealth accumulation.

Universal Life Insurance

Universal Life Insurance is a type of whole life insurance, but premium payments and coverages may be raised or lowered throughout the life of the insured. This allows for some financial flexibility during the insured’s lifetime. Because of the flexibility of premiums and the lifetime term of insurance, universal life insurance is usually more expensive than term life insurance. This type of life insurance is a great income protection mechanism, and like Whole Life Insurance, has the potential for tax-deferred accumulation of funds.

Why Choose Gutierrez Family Agency?

The Gutierrez Family agency offers a number of options for life insurance policies that tailor your plan to your life, your future goals, and the well-being of your beneficiaries. In the event of your death, your loved ones deserve financial stability and peace of mind that will help them live comfortably, and achieve their long-term financial goals.